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  THE ACCOUNTING CONCEPTS They are therefore rules and assumptions that are usually followed to determine methods of recording data that will then result to accounting information. They include; i.                   Going concern It’s also called continuity assumption. It is assumed that the accounting entity will continue with the operation into the foreseeable future and has no intentions of coming to an end or curtailing its operations. This implies that the management should view all the available information in the light of the foreseeable future, but not only for the current period. ii.              Accounting period assumption It’s also known as the time concept . It is assumed that the continuous lifetime of the entity is divided into small equal periods to ease the burden of reporting . These subdivisions are called t...

  ACCOUNTING AND CONTROL   Course outline 1 INTRODUCTION TO ACCOUNTING ü Meaning of the term accounting ü Role of accounting in an organization ü Accounting principles, assumptions and concepts  Users of accounting information ü Relevance of accounting to human resource management functions 2 RECORDING FINANCIAL TRANSACTIONS ü Financial transactions ü Role of accounting equation ü Double entry system ü Preparation of journals ü Preparation and balancing of ledger accounts 3 COMPLETING THE ACCOUNTING CYCLE ü Preparation of a trial balance ü Purpose of a trial balance ü Year-end adjustments ü Determination of accruals, provisions and prepayments ü Treatment of accruals, provisions and prepayments     4 FINANCIAL STATEMENTS ü Preparation of trading, profit and loss accounts ü Preparation of a balance sheet ü Importance of trading profit and loss accounts and the balance sheets 5 CASHBOOKS ü The rol...

  FUNDAMENTALS OF ACCOUNTING   What is accounting? Accounting may be defined as the process of identifying, measuring, recording and communicating financial information in order to permit users to make informed decisions or judgment by the users of the financial information. Accounting maybe referred by some authors as Book-keeping, which is the analysis, identification, measuring, classifying and recording of financial transactions in the books of accounts. Accounting maybe viewed as the language used in business and forms a common media through which users of accounting information can effectively communicate business matters and understand each other equally in a business. Accounting facilitates communication of the business records, transactions and summarizes results of business operations; forming the information of economic value to a business which forms the basis for judgment by the users.   THE ACCOUNTING PROCESS Since accounting is a process, it ...

  Turn Up the Pressure: How to Transform Exam Stress into Your Superpower Heart racing, palms sweating, mind blanking – sound familiar? It's exam season, and for many college students, that means the onslaught of stress is in full force. The pressure to perform well, the fear of failure, and the overwhelming workload can feel like a crushing weight. But what if I told you that stress isn't the enemy? What if, instead of trying to eliminate it, you could harness its power to improve your exam performance? It's time to flip the script on stress. In this article, we'll explore how to transform exam anxiety into a source of strength, motivation, and ultimately, success. Understanding the Science of Stress Before we dive into strategies, let's understand what's happening in your body when you feel stressed. When faced with a perceived threat (like an upcoming exam), your body releases hormones like cortisol and adrenaline. This is your body's "fight or...

  Unlock Your Evenings: Why Dedicated Study Sessions Are a Game-Changer for Students As a student, the demands on your time are endless: classes, assignments, extracurriculars, part-time jobs, laundry, meals, personal care and (let's be honest) a desperate attempt at a social life. It's easy to fall into the trap of haphazard studying – a little here, a little there, often fueled by panic. But what if there was a way to make your study time more effective, less stressful, and even regain some of your precious free time? Enter the dedicated evening study session with built-in breaks. This isn't just about studying more; it's about studying smarter, optimizing your brain's natural rhythms, and protecting your well-being. Why Evenings? The Science and the Strategy Many students find their mornings packed and their afternoons winding down. The evening, however, offers a unique opportunity characterized by: 1.    Reduced Distractions: With classes over, prof...